Texas judge sentences real estate entrepreneur to 20 years

A real estate entrepreneur was sentenced to 20 years in state prison for securities fraud and theft for swindling investors in Harris, Nueces and Collin counties.

Everett Craig Williams was also ordered to pay $189,000 in restitution to investors who didn't know the money they thought they were putting into real estate was actually going to pay Williams' personal expenses, according to the Texas State Securities Board, which investigated the case. Williams sold investment contracts and promissory notes issued by Favor Ministries Inc. that were supposed to generate profits from real estate deals.

State district Judge Bobby Galvan sentenced Williams earlier this week after a two day trial in Corpus Christi.

Williams sold securities in a real estate investment program without telling investors he owed millions in civil court judgments, unpaid child support and judgments against him in bankruptcy court, according to the state securities board. Nor did he tell investors that in previous investment programs he sold he lost a significant portion of the money people had put up.

"We are obviously disappointed with the jury verdict," said Houston criminal defense lawyer John Floyd who represents Williams. But he was especially disappointed that Williams, a first-time offender, received a 20-year sentence for a non-violent property crime. The state of Texas was arguing for a 40-year term, said Floyd.

Floyd said that Williams had good intentions in his dealings but the business deals went bad.